Active Rain

You can find great local Vestavia Hills, Alabama real estate information on Localism.com Birmingham Alabama Real Estate Jason Secor is a proud member of the ActiveRain Real Estate Network, a free online community to help real estate professionals grow their business.

March 17, 2008

The Birmingham Alabama Luxury Home Market continues to be a topic of discussion in many areas due to the sales data. It seems that this market may be fairing better than other available markets. Therefore we feel that it needs mention. Let me note for this article, we are classifying luxury properties as those that sell/list for one million or more.

Sold Properties

So far for 2008, we are 2 down from the same period in 2007 at 14 homes that have sold in the million dollar plus in the Birmingham luxury home market. The highest price home sold was $1,950,000 and the average million dollar plus home that sold, sold for $1,302,647 which is down $319,825 from the same time period last year. Average days on market for the sold luxury homes was 105 days, which is down 113 days from the same time frame in 2007.

Listed Properties

So far for 2008, 75 million dollar plus Birmingham Luxury Homes have been listed this year which is up 4 from the same period last year. Unlike the sold properties though, the average list price is up $201,012. This highest priced home listed so far this year is $5,800,000.

Active Properties

So far for 2008, there are 165 active million dollar plus Birmingham Luxury homes. (Some of these have been on the market since the previous year.) The highest price home right now is for $5,800,000. Average active price is $1,730,983. The average days on market for the active properties are 139 days.

To see these Birmingham Luxury Homes that are currently on the market as of 3/14/08 check out the links below.

November 30, 2007

The Birmingham Alabama Luxury Home Market has been coming up a lot over the past few weeks based upon statistics from the Birmingham MLS. According to the Birmingham MLS luxury home sales are up. (Let me note for this article, I am classifying luxury properties as those that sell/list for one million or more.)

Sold Properties

Date Range

Number Sold

Average Price

Price Range

Avg. Days on Market

Percent of Asking Price

Jan-Oct 2006

79

$1,399,314

$1,000,000 - $2,825,000

114

95.79%

Jan-Oct 2007

91

$1,454,272

$1,000,000 -$3,495,000

123

94.80%

According to the chart, 91 million dollar plus homes have sold so far this year. The highest price sell was $3,495,000 and the average million dollar plus home that sold, sold for $1,454,272. Average days on market for the sold luxury homes was 123 days up 9 days from the same time frame in 2006. However, the average sold price is $1,454,272 which is up $54,958 from the same time period last year.

Listed Properties

Date Range

Number Listed

Average Price

Price Range

Avg. Days on Market

Percent of Asking Price

Jan-Oct 2006

240

$1,573,072

$1,000,000 - $4,500,000

Jan-Oct 2007

274

$1,542,861

$1,000,000 - $4,999,000

According to the chart, 274 million dollar plus properties have been listed this year. This number is up from 240 properties during the same period last year. Unlike the sold properties though, the average list price is down $30,211. Let me add that even with these numbers being high all of them do not stay on the market. Many are withdrawn or expire and not put back on the market.

Properties Still Active

Date Range

Number Active

Average Price

Price Range

Avg. Days on Market

Percent of Asking Price

Present: as of 11/19/07

166

$1,696,208

$1,039,900 - $4,999,000

190

According to the chart, there are 166 active million dollar plus properties. The highest price home right now is for $4,999,000. Average active price is $1,696,208. The average days on market for the active properties are 190 days.

* Areas included are Jefferson, Shelby, and St. Clair Counties

* All statistics are accurate as of 11/19/07 according to the Birmingham MLS

October 31, 2007

The Birmingham Alabama Luxury Home Market has been coming up a lot over the past few weeks based upon statistics from the Birmingham MLS. According to the Birmingham MLS luxury home sales are up. (Let me note for this article, I am classifying luxury properties as those that sell/list for one million or more.)

According to this, 85 million dollar plus homes have sold so far this year. The highest price sell was $3,495,000 and the average million dollar plus home that sold, sold for $1,463,868. Average days on market for the sold luxury homes was 122 days up 14 days from the same time frame in 2006. However, the average sold price is $1,463,868 which is up $88,302 from the same time period last year.

According to this, 239 million dollar plus properties have been listed this year. This number is up from 216 properties during the same period last year. Unlike the sold properties though, the average list price is down $33,732. Let me add the even with these numbers being high all of them do not stay on the market. Many are withdrawn or expire and not put back on the market.

Properties Still Activeas of 10/26/07Number Active: 174Average Price$1,649,460Price Range$1,000,000-$4,999,000Avg. Days on Market: 178

According to this, there are 174 active million dollar plus properties. The highest price home right now is for $4,999,000. Average active price is $1,645,460. The average days on market for the active properties are 178 days.

* Areas included are Jefferson, Shelby, and St. Clair Counties* All statistics are accurate as of 10/26/07 according to the Birmingham MLS

September 24, 2007

I was talking with someone the other day and the subject of the Birmingham Alabama Luxury Home Market came up. Based upon statistics from the Birmingham MLS, luxury home sales are up. Why? Really, it is hard to explain why, but we can speculate.

Perhaps it is because there were more homes listed and the inventory was higher. Maybe the mortgage situation we are experiencing right now doesn't affect those who are in this market right now. There is a thought process that says that those in good financial standing with a strong credit score can still buy homes. Based on the data buyers are purchasing homes getting sellers to drop the price about 1.06% lower than last year. So maybe buyers are just getting a better deal this year.

Either way, there is still a large inventory of million dollar homes on the market right now. You can see that they are priced about $230,000 higher than the average sold for the year thus far. It still looks like homes that are priced right, at any level, still sell faster.

Sold Properties

Date Range

Number Sold

Average Price

Price Range

Days on Market

Percent of Asking Price

Jan-Aug 2006

60

1,385,359

1,000,000 - 2,700,000

111

95.50%

Jan-Aug 2007

73

1,480,211

1,000,000 - 3,495,000

113

94.56%

Listed Properties

Date Range

Number Listed

Average Price

Price Range

Days on Market

Percent of Asking Price

Jan-Aug 2006

170

1,536,317

1,000,000-3,949,000

Jan-Aug 2007

215

1,548,900

1,000,000-4,999,000

Properties Still Active

Date Range

Number Active

Average Price

Price Range

Days on Market

Percent of Asking Price

Present: as of 9/18/07

154

1,652,804

1,000,000-4,999,999

* Areas included are Jefferson, Shelby, and St. Clair Counties

* All statistics are accurate as of 9/18/07 according to the Birmingham MLS

August 23, 2007

I was commenting with someone the other day and asked about some of the information that people might be interested in. One of the things they mentioned was the Birmingham Luxury Market. I thought to myself, I really enjoy looking at high end homes, but what makes it "luxury?" I made up my own definition for the Greater Birmingham Area including parts of both Jefferson and Shelby County, and decided a luxury home was any home that sold for $1,000,000 or more. I may reform my definition in time, but for now....

Greater Birmingham Area Luxury Home Stats for 2007 (January-July 2007)

Total Active: 154

Avg Price: $1,645,257

Low: $1,000,000

High: $5,999,000

Avg DOM: 164

Total Sold: 66

Avg. Price: $1,497,276

Low: $1,000,000

High: $3,495,000

Avg DOM: 117

Active Property StatsAccording to the chart, there are 154 active million dollar plus properties. The highest price home right now is for $5,999,000. Average active price is $1,645,257. The average days on market for the active properties are 164 days.

Sold Property StatsAccording to the chart, 66 million dollar plus homes have sold so far this year. The highest price sell was $3,495,000 and the average million dollar plus home that sold, sold for $1,497,276. Average days on market for the sold luxury homes was 117 days.

Looks like even million dollar homes that are priced right sell faster.